"One way to distribute them to our people, who are the owners of the oil, is to create this tax."

The tax will apply to both international and national companies, including PDVSA, Venezuela's state oil company.

ExxonMobil battle

The move towards a tax on oil firms will give Chavez new funds to shore up popularity among the nation's poor majority, who have backed him for almost a decade but are increasingly critical of his government for food shortages and rampant crime.

Lawmakers could give the bill final approval next week.

PDVSA, the state oil company, took control of part of Venezuela's oil field last year as part of the nationalisation programme.

ExxonMobil and Conoco were pushed out in the process.

The showdown led ExxonMobil to seek court injunctions for up to $12bn in compensation, a move Chavez described as "legal terrorism".